HomeMy WebLinkAboutPOLICE PENSION - 01/16/2001 - Police Pension Minutes 136
MINUTES OF THE ELK GROVE VILLAGE
POLICE PENSION BOARD MEETING HELD
ON JANUARY 16, 2001 AT 901 WELLINGTON,
ELK GROVE VILLAGE, IL.
137
The meeting was called to order at 3:30 p.m. by President Ambrose. Present were Roeske,.
Greenberg, Lancaster, Garr, Hilda Ingebrigtsen, and Mary Tomanek of Salomon Smith Barney.
The minutes of the last meeting, October 12, 2000 were read. Motion made by Garr, seconded
by Lancaster, to accept the minutes. Motion carried.
Hilda Ingebrigtsen presented Treasurers report which included balance sheet dated
December 31, 2000, and disbursement register. Motion made by Garr, seconded by
Lancaster, to accept Treasurers report. Motion carried.
Hilda Ingebrigtsen presented a signature sheet to authorize Board members to sign for
certain transactions of the Salomon Smith Barney accounts. Motion made by Roeske,
seconded by Garr, to authorize signing of this signature sheet. Motion carried.
Old Business
Mary Tomanek presented an updated report on the status of the Funds investments. Motion
made by Garr, seconded by Lancaster, to accept Tomaneks recommendation to continue to
transfer up to $3 million in assests from the 2-5 year segment to the 10-20 year segment.
Motion carried.
Only one beneficiary of the Fund was found to participate as an annuitant in the
MFS Regatta account, and therefore another beneficiary of the Fund maybe named as
an annuitant at a later time.
New Business
The Board received notice from the Police and Fire Commission that Officer Capparelli
has successfully completed her one year probationary period effective September 23,2000,
and is appointed to the permanent position of police officer.
The Board received a letter of retirement and request for pension benefits from Officer
Jerome Maculitis. The Finance Department provided the distribution information. as follows:
Date of retirement: November 24, 2000
Effective date of pension: November 25, 2000
Date of hire: May 01, 1970
Creditable service: 30 years
Date of birth: February 25, 1949
Base salary at retirement: $55,596.06
Longevity adjustments $500.00
Pension Base: $56, 096.00
Retirement base salary: $39,267.20 (707)
Monthly benefit amount: $3,272.26
Eligible for increase: March 01, 2004
Amount of increase: $3,534.03 (9')
New monthly benefit amount: $3,566.77
Ambrose announced the next meeting will be held on April 24, 2001 at 3:30 p.m. ,
at 901 Wellington, Elk Grove Village, IL.
Motion to adjourn the meeting made by Lancaster, seconded by Roeske. Motion carried.